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Managing your money 13 August 2020

7 Reasons why you should consider opening an international bank account

If you’re serious about wealth creation, international investment or travel, consider the benefits of opening an international bank account.

If you’re already living abroad while your business continues to operate at home, you’re planning to emigrate, or expand your business interests while you remain at home, an international bank account is an excellent way to manage your money flexibly and conveniently across different countries.

Here are seven reasons why it makes sense to consider an international bank account.

1. ENJOY THE BENEFITS OF MULTICURRENCY BANKING

As a global citizen who is either immigrating, lives and runs a business in different regions, or has more than one primary residence, keeping your bank account in one place while operating across different countries is a major benefit. International accounts allow you to hold an account and transact in multiple currencies as well, which means you can more easily mitigate and manage the risks associated with forex fluctuations.

A multicurrency account means that you can transfer money between accounts quickly and at no cost if the accounts are within the same bank. International savings accounts can offer competitive interest rates, which can be beneficial if you have financial obligations across different countries. Repeatedly dealing with costly currency conversions wastes your time and money.

A multicurrency account also means that you can cover payments in your home country, settle everyday expenses in the country you’re currently residing in, and even travel easily and conveniently to other regions without worrying about how you will access your funds. If you have buy-to-let property, you can also manage costs, settle bills and receive rental income from the same account.

International bank accounts allow clients to maintain account balances in different currencies, which means you always know exactly how much of a specific currency you have on hand. It also means that volatile exchange rates won’t negatively impact your bottom line or account balances.


2. DIVERSIFICATION OF RISK

Investing in multiple regions also diversifies your risk and gives you the opportunity to invest in international money markets with -a range of options, including some with capital protection.

Standard Bank offers a range of global investment opportunities.

3. BENEFIT FROM FOREIGN EXCHANGE SERVICES

Each country has its own banking laws and regulations. Keeping your money in a central international account means you can avoid the hassle of opening multiple accounts or trying to send money overseas through bank accounts that are subject to fluctuating exchange rates and different financial laws. It’s also generally costly to transfer money abroad, which is why it makes sense to have flexible, quick and easy access to foreign exchange when you need it.

Plus, you’re maintaining one relationship with your personal banker, even as you move around the world.

4. ACCESS SPECIALIST EXPERTISE

Banks that specialise in international accounts have unique expertise in working with people from many different countries who also travel between different regions, or have their businesses and home bases in different countries.

These specialists will be able to advise you on the best ways to manage your money while living abroad, offshore investment opportunities and other benefits of international banking that you might not be aware of.


5. TAKE ADVANTAGE OF EFFICIENT TAX PLANNING

An international account might provide the opportunity for effective tax and inheritance planning. The benefits that apply in your case will depend on your personal circumstances, such as country of residence.

6. SECURE YOUR CAPITAL

An international bank account that is based in a transparent, highly regulated jurisdiction, such as the Isle of Man, provides a safe and secure place for your money. Also, for high net worth individuals, an international bank account ensures that your funds aren’t tied to a single country or currency.

7. TRANSACT DIGITALLY AND ACCESS YOUR FUNDS EASILY AND CONVENIENTLY
 

You have online access to your offshore bank account 24/7, 365 days a year. This round-the-clock and highly personalised level of service ensures you can meet any international opportunities or financial obligations instantly.

NEXT STEP

If you’re planning to move abroad or live and work in different international regions, or you have family living or studying abroad, take a look at the Optimum and Platinum Optimum accounts that we offer.